Bitcoin Optimism: People In Developing Countries Believe The Future Of Crypto Is Bright
Many members of the financial establishment in industrialized economies view bitcoin and other cryptocurrencies with skepticism as a highly volatile and speculative trend that is sure to end badly.
US and European regulators have issued dire warnings about the dangers of cryptocurrency trading. In China, regulators are cracking down on crypto mining, forcing crypto companies to shut down their operations.
However, in underdeveloped countries, there are signs that cryptocurrencies are quietly making deeper connections. Especially in countries with a history of financial fragility or where the inability to access conventional payment services such as bank accounts is increasing, the use of cryptocurrencies is rapidly becoming a part of everyday life.
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Sixty percent of Nigerians are optimistic about the future of bitcoin (Financial Times).
Table of Contents:
- Bitcoin optimism in developing countries is high
- Nigerians are positive about the future of Bitcoin
- Bitcoin: the most popular cryptocurrency
Bitcoin optimism in developing countries is high
According to a survey conducted by digital payments company Block Inc., the more respondents rated their own level of understanding of Bitcoin, the more hope they have for the future of Bitcoin.
The survey also reveals that people in underdeveloped countries are more positive about the future of crypto than those in the West.
The analysis, released Tuesday, demonstrates an association between optimism and the likelihood of making a purchase, and compares that result to the level of knowledge reported by respondents.
Source: Arcane Research
Nigerians are positive about the future of Bitcoin
For example, Nigerians (60%), Indians (58%), and Vietnamese (56%) are the most optimistic about the future of bitcoin.
Only 29% of Americans and 22% of Germans, respectively, are hopeful about the future of cryptocurrencies. This contrasts sharply with the optimism that prevails in the poorest countries.
Low-income people, wherever they live in the world, recognize the value of bitcoin as a payment infrastructure and see it as a way to transfer funds and purchase goods and services.
These results are not unexpected, given that Nigeria, India, and Vietnam also ranked high in the 2021 Chainalysis Global Crypto Adoption Index.
According to the Chainalysis GCAI 2021 survey, several emerging market countries, including the aforementioned countries, rank high in their index due in large part to the large number of transactions on peer-to-peer (P2P) networks.
Total BTC Market Cap at $862 Billion on Daily Chart | Source: TradingView.com
Bitcoin: the most popular cryptocurrency
According to interviews with academics from these countries, a large number of citizens use peer-to-peer cryptocurrency exchanges as their main entry point to the cryptocurrency market, usually because they do not have access to centralized exchanges.
Compared to the United States and Germany, Japan scores the lowest with only 11% optimism about the future of Bitcoin. Surprisingly, China has a higher Bitcoin optimism score (36%) than Western countries, despite repeated attempts by the government to ban the cryptocurrency.
Meanwhile, Bitcoin was the most popular cryptocurrency overall and across all regions, with 88% of respondents having heard of it, double the 43% who had heard of other cryptocurrencies.
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